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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

CGX Energy Inc. is a Canada-based oil and gas exploration company. It is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. The Company, through one of its subsidiaries, holds an interest in a Petroleum Prospecting Licence (PPL) and related Petroleum Agreement (PA) on the Corentyne block in the Guyana Basin, offshore Guyana. The Company, through its subsidiary Grand Canal Industrial Estates, is constructing the Berbice Deep Water Port. This facility, located on the eastern bank of the Berbice River, adjacent to and north of Crab Island in Region 6, Guyana, is being constructed on 30 acres with 400 m of river frontage. Its subsidiaries include CGX Resources Inc., GCIE Holdings Limited and CGX Energy Management Corp. It is the operator of the Corentyne block and holds a 27.48% working interest. Its Wei-1 exploration well is located west of the Kawa-1 discovery in the northern region of the Corentyne block.


TSXV:OYL - Post by User

Comment by IceDog13on Sep 09, 2024 6:30pm
199 Views
Post# 36215632

RE:2 questions for this board:

RE:2 questions for this board:The building of the port "should" be a no brainer.

Did some research on where they were at with this recently and from what I can tell they have spent about 30mil so far on this project that will cost 80 mil (or more as time goes on). So still need about 50 mil to get this project done. This was poor research so if anyone has confidence of other numbers, I would concede to them.

If FEC is no longer funding this, it should still be able to happen as long is it is a financially sound project. You will never be able to go to a financial instituation to get a loan to drill for oil. To fund an infrastucture project though with a steady income should open a lot of doors when it comes to raising funds. Toughest part about these projects is getting the governemnt onboard and everything approved... what is holding them up now is anybodies guess. It "should" get built though.


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